Citi China

Citi builds China business step-by-step

Citi’s Asia Pacific CEO Stephen Bird talks about building a profitable business in China even as the country’s economy slows.
Andrew Au, CEO Citibank China holding his FTZ license
Andrew Au, CEO Citibank China holding his FTZ license

When Shanghai opened its free trade zone on September 29, Citigroup was one of the first foreign banks to hang out its shingle. The US bank is opening a branch in the enclave where the Chinese government is experimenting with reform of its interest rate and foreign exchange regimes.

Many other overseas banks were worried about unclear guidelines on what is and what is not allowed but Andrew Au, chief executive for Citibank China, committed to fully participating in the development of the zone and playing an active role in renminbi cross-border flows.

Foreign banks and brokers have struggled to establish money-making businesses in the Middle Kingdom,...

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